Advantages Of Voluntary VAT Registration
• You can reclaim some of the VAT on the goods and services purchased by your business
• As your business grows, you may reach a turnover of £85,000. If you preemptively register for VAT before reaching this threshold, you could save the time and hassle of adjusting your prices to include VAT rates.
Some of the disadvantages of voluntary VAT registration for entrepreneurs and small businesses might be:
• When you start charging VAT, it’s common practice to include the tax in your prices. Your products or services will therefore appear more expensive for the end user.
• Once you are registered for VAT, you will need to file VAT Returns, keep VAT inoices and receipts, and maintain VAT accounting records.
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